Reversal of wrong capitalisation

[Former Member]

Dear Friends,

The asset acquisition entry in my case flows from CWIP a/c to Main asset a/c at the time of capitalisation. Now i want to reverse this entry from main asset a/c to CWIP a/c as it was wrongly capitalised.

Assume the above said transaction's date is 12-03-2009, Fiscal year 2008. Now in AIST when i was trying to reverse my CWIP a/c, it allows me to reverse the assets on a LIFO basis. ie. assets on 31-03-2009, then on 290309.....

But actually i want to reverse only my 12-03-09 tansaction and not other transaction. So can any one of you help me how to reverse my only one transaction entry on 12-03-2009.

Regards,

Payal

[Former Member]

The response has helped me to proceed further to do more research to solve my issue.

[Former Member]

Hi

Pass a credit memo by debitting the CWIP and creditting the main asset.

For debit entry give CWIP Asset No. and transaction type 100

For credit entry give Main Asset No. and transaction type 160.

Your issue will be resolved.

Regards

Venkat